The Ideanomics Inc (NASDAQ: IDEX) share price surged 45.3% despite the lack of recent news releases. The company’s history shows it received a delisting notice from the NASDAQ on May 19, 2023, which could explain what is behind today’s rally.
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The company’s last release, apart from the delisting notice, was on May 08, 2023, when its US subsidiary received a contract from the US Department of Defense worth over $6 million. The global company is focused on accelerating the commercial adoption of zero-emission vehicles.
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Ideanomics received two large follow-on orders for electric propulsion systems that will be used separately in Department of Defense projects and to power speciality vehicles. The company’s unique propulsion systems could be used effectively by the DoD to power unique military vehicles.
The company got the follow-on orders because vehicles and propulsion systems produced by US Hybrid are Buy America compliant since they are built at the company's facility in Torrance, California.
US Hybrid has strategic relationships with a vast collection of local and global vendors for components, creating a resilient and efficient supply chain, which allows the company to keep its operations running smoothly and ultimately pass cost savings onto customers.
Richard Woods, VP and General Manager of US Hybrid said: “Across the country, US Hybrid's zero-emission, made-in-America electric and fuel cell propulsion systems are powering buses, street sweepers, port vehicles and equipment and Department of Defense projects. With 24 years of industry experience, the US Hybrid continues to show that we have the right mix of people and technology to get the job done for our customers.”
As for the company’s delisting notice, it was issued because the firm had not filed its quarterly report on time and was in danger of being delisted. Unfortunately, there seems to be no update from the company yet.
As for today’s rally, we can attribute it to renewed investor interest in the firm, given that over 22.63 million IDEX shares had changed hands at writing.
*This is not investment advice.
Ideanomics (IDEX) share price.
The Ideanomics (IDEX) share price surged 45.26% to trade at $0.0552, from Friday’s closing price of $0.0380.
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